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This is an archive article published on April 15, 2011

Infosys stock crashes by more than 7%

Infosys Technologies stock (share price) fell more than 7 percent on Friday.

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Infosys Technologies stock (share price) fell more than 7 percent on Friday after the Indian outsourcing firm reported lower-than-expected fourth quarter net profit,and dragged the broader market down.

Infosys,India’s second-largest software exporter,lagged market expectations despite a 13.7 percent rise in quarterly profit,hurt by higher expenses in a seasonally weak quarter.

At 9:36 a.m. (0406 GMT),Infosys shares were down 7.2 percent,while the main stock index slipped 1.1 percent.

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